Options to assist sibling to buy house?

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sadie

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I have two siblings. One is married with kids and lives in Australia. The other is single, aged 50, lives in Ireland with a modest income (30k), no debts, savings c. 10k.
The sibling in Australia plans to come home to Ireland in 10yrs time possibly may retire/stay a length of time. Australia sibling wants to buy a house in Ireland regardless.
The Irish sibling wants to buy a house, qualifies for a mortgage but house prices are still too dear where they want to live/near work. He would need a deposit of about 30-40k, they only have about 10k.
Is there a way that both can invest in one property, and then in 10-12 years time, agree to sell the house and split the/any profit?
If both jointly buy a house costing 220k. Australian sibling with capital puts in 140k deposit, Irish sibling gets mortgage for 80k remainder.
Irish sibling lives in the house, Australian sibling visits/stays etc. They create an agreement to sell in 12yrs time and split the profit in proportion to investment. What are the problems with this?
Australian sibling is suggesting that they buy a house in Ireland, and Irish sibling can live there at nominal rent.
However, I see a problem with this. Irish sibling is 50. In 15yrs time - yes they have saved on rent, yet they will then be too old to get a mortgage.
Any ideas for both to put the Australian siblings capital to good use - so they get to own a house in Ireland for holidays/retirement trips, yet other sibling can get something out of it to create a long term plan for their old age?
 
What are the problems with this?

I love this bit, where to start. As an expat my views are that the plan to come home will probably not materalise as the children are also there. I think this is a pipe dream for the ould sod.

It's also not a good idea to get involved in something that is straight away so tricky, across a vast ocean with too many problems that might arise. In 12 years time Irish sibling is ill, doesn't want to sell being just a couple of things.

What if Oz sibling dies, does Irish sibling get kicked out in 10 years.

Oz sibling is risking too much of his savings.

Is Irish sibling married? I can well see why all this is good from his point of view.

As for holidays, how long realistically will they stay in Ireland. 140K capital buys a lot of hotel nights.
 
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Thanks Bronte. Irish sibling not married. Yes Irish sibling gets kicked out in 10yrs time I presume.
The current idea is they could all live together while the Australian sibling and their partner are back in Ireland for spells during the 10 years. However, Australian sibling is determined that they want to own a house in Ireland for whatever reasons.
I am just trying to advise them to see is there some way that the Irish sibling could use this opportunity to create some form of pension/savings something for their old age.
Another idea was that the Australian sibling wanting to help the Irish sibling would lend him money as a deposit and then the Irish sibling would leave the house in their will to the Australian sibling's children?
 
I don't know any of the answers but would like to say how good it is to see this kind of respect and love between families. Made my day you guys did and, thanks.
 
The kicking out of the Irish sibling in 10yrs is a major problem among many. How is this going to work? Is he meant to have saved a load over the time he was in the house to enable him rent again, he will unlikely to get a decent mortgage at that stage as time will not be on his side.
 
Ok Sadie more details are a help. How about this. Oz sibling busy a house in Ireland. He gives his Irish sibling a right of residence for life. This can be done. In return, the Irish sibling takes full care of the house, repairs, bills, insurance etc. His own money to keep the place as he likes, but a place he can treat as his own as he has the life interest.

There are no tricky issues than as to who owns what, and who outlives the other. Kids will ultimately get the house. Irish sibling has a place to call home. Oz sibling has helped his sibling and has a place to stay whenever he comes home. Though he may never want to stay there, (my uncle was left in a similar situation but wasn't able to cope with the house really,but the security of having it was of great benefit)

VERY IMPORTANT, money should be spent on a solicitor to make this watertight. Otherwise nobody will ever be happy.
 
Yes Montbretia, that would be the idea. The Irish sibling would save on rent by basically minding this house. Both of them see it as a great idea, whereas I am fearful it will make the Irish sibling's situation even worse in the long term. In the medium term, it takes pressure off the Irish sibling to pay high rent or try to save for a mortgage. So it is being seen as a win win for everyone.
 
Thanks Bronte, interesting. However if the Aussie sibling then in 10yrs needs to sell the house because say one of their kids needs a whopping deposit for their house, the Irish house can't be sold isn't that right?
The right of residence is binding for ever?
Still doesn't solve the problem of the 3 of them sharing a house for a year when the Aussie lot come over for the extended visit.
The Irish sibling could move out for a year then.
What if Irish sibling met a partner and wanted to move to other side of the country? I guess they could give the right of residency?
 
A way to make money out of this for someone is to buy a house that has a granny flat. Rent a room scheme allows 12K annually. I often see houses of this type advertised. Great moneh on the side and totally legit.
 
Now you're making me laugh Sadie, with all those ideas. You never mentioned coming for a year. I suggest they rent somewhere. Middle of nowhere will cost about 6K. Sure Thailand for a couple of weeks would cost you that.

I'd leavet hem to it, trying to solve other people's created problems makes you the one to blame.

(yes they can't well if there's a life interest - are they serious or what. Keep the deposit if that's the issue or worry about that in 10 years time

I wish my parents gave me any bit at all of a deposit, never mind a whopping one)
 
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